xbrli:pureiso4217:DKK384194552022-07-012023-06-30cmn:ConsolidatedMember384194552022-07-012023-06-301cmn:ConsolidatedMember384194552022-07-012023-06-301cmn:ConsolidatedMember384194552022-07-012023-06-301384194552022-07-012023-06-302384194552022-07-012023-06-303384194552021-07-012022-06-30cmn:ConsolidatedMember384194552022-07-012023-06-30384194552021-07-012022-06-30384194552022-07-012023-06-30fsa:ReserveForCurrentValueOfHedgingMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:RetainedEarningsMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:EquityAttributableToParentMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:MinorityInterestsMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember384194552022-07-012023-06-30fsa:RetainedEarningsMember384194552022-07-012023-06-30fsa:ProposedDividendRecognisedInEquityMember384194552023-06-30cmn:ConsolidatedMember384194552022-06-30cmn:ConsolidatedMember384194552023-06-30384194552022-06-30384194552022-07-01cmn:ConsolidatedMember384194552021-07-01cmn:ConsolidatedMember384194552022-07-01fsa:ContributedCapitalMembercmn:ConsolidatedMember384194552022-07-01fsa:ReserveForCurrentValueOfHedgingMembercmn:ConsolidatedMember384194552022-07-01fsa:RetainedEarningsMembercmn:ConsolidatedMember384194552022-07-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember384194552022-07-01fsa:EquityAttributableToParentMembercmn:ConsolidatedMember384194552023-06-30fsa:ContributedCapitalMembercmn:ConsolidatedMember384194552023-06-30fsa:ReserveForCurrentValueOfHedgingMembercmn:ConsolidatedMember384194552023-06-30fsa:RetainedEarningsMembercmn:ConsolidatedMember384194552023-06-30fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember384194552023-06-30fsa:EquityAttributableToParentMembercmn:ConsolidatedMember384194552022-07-01fsa:MinorityInterestsMembercmn:ConsolidatedMember384194552023-06-30fsa:MinorityInterestsMembercmn:ConsolidatedMember384194552022-07-01fsa:ContributedCapitalMember384194552022-07-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember384194552022-07-01fsa:RetainedEarningsMember384194552022-07-01fsa:ProposedDividendRecognisedInEquityMember384194552022-07-01384194552023-06-30fsa:ContributedCapitalMember384194552023-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember384194552023-06-30fsa:RetainedEarningsMember384194552023-06-30fsa:ProposedDividendRecognisedInEquityMember384194552022-07-012023-06-30fsa:ContributedCapitalMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:ContributedCapitalMember384194552022-07-012023-06-30fsa:ManagementMembercmn:ConsolidatedMember384194552021-07-012022-06-30fsa:ManagementMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:BoardOfDirectorsMembercmn:ConsolidatedMember384194552021-07-012022-06-30fsa:BoardOfDirectorsMembercmn:ConsolidatedMember384194552022-07-012023-06-30fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMemberGrundlag for konklusionKonklusion33963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2022-06-302021-07-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2023-06-302022-07-01RWH ApS38419455ÅrsrapportAalborg900026, 4. salØstre HavnepromenadeAalborgAalborg90005<br /><br />26Østre HavnepromenadeThe Board of Directors and the Executive Board have today considered and approved the annual report of RWH ApS for the financial year 01.07.2022 - 30.06.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2023 and of the results of their operations and the consolidated cash flows for the financial year
01.07.2022 - 30.06.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Aalborg2024-01-11Mads Lund JensenTom DeichmannRasmus NielsenRasmus Sandorff JacobsenTo the shareholders of RWH ApSWe have audited the consolidated financial statements and the parent financial statements of RWH ApS for the financial year 01.07.2022 - 30.06.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.07.2022 - 30.06.2023 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in
accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.Aalborg2024-01-11Jakob Olesenmne34492State Authorised Public AccountantFinancial highlights2022/23
DKK'0002021/22
DKK'0002020/21
DKK'0002019/20
DKK'0002018/19
DKK'000Key figuresRevenue833,678945,162690,450434,002479,440Gross profit/loss77,684111,82569,84743,53644,964Operating profit/loss36,78575,67938,32023,76130,664Net financials(4,925)(5,151)(4,742)(2,592)(3,069)Profit/loss for the year24,02253,93225,90816,39521,165Balance sheet total574,037412,928225,664161,518109,148Investments in property, plant and equipment1,4119654,3322,977950Equity120,601129,62382,75757,85142,456Equity excl. minority interests120,695125,91382,75757,85142,456RatiosGross margin (%)9.3211.8310.1210.039.38EBIT margin (%)4.418.015.555.476.40Net margin (%)2.885.713.753.784.41Equity ratio (%)21.0330.4936.6735.8238.90Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100
RevenueEBIT margin (%):
Operating profit/loss
* 100
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet totalPrimary activitiesAs in previous years, the Group’s primary activities consist in the purchase and sale of wine and spirits as well as consultancy on investment in wine and spirits.
The purchase of wine takes place in RareWine ApS, while the sales takes place in RareWine Invest ApS and RareWine Trading ApS as well as the foreign subsidiaries RareWine Netherlands B.V., RareWine Italy S.R.L. and RareWine Switzerland SA. Nordic Freeport ApS’ activities consist of warehouse storage primary for investors who trade through RareWine Invest ApS.
Development in activities and finances2022/23 was a less satisfactory year for the RareWine Group. Profit before tax for the year amounts to tDKK 31,860 and gross profit amounts to tDKK 77,684, which is lower than the management’s expectations and impacted by the below mentioned.
In 2023 the Danish Customs & Tax Agency initiated a review regarding various aspects of the RareWine Group’s customs and VAT position. For a certain period of time (towards the end of the accounting period), the Management decided to postpone deliveries until clarity from the review was obtained. This lead to an increase in inventory as well as an increase in prepayments received from customers 30 June 2023 compared to 30 June 2022. After the end of the fiscal year issues has been sorted out, and the group has been able to continue deliveries.
The Danish Customs & Tax Agency retained VAT payout during the review which led to an increase in other receivables. Most of the VAT have been paid out to RareWine Group after the balance date.
After the balance sheet date, as a result of the review the Group’s subsidiaries have been faced with significant claims from the Danish Customs & Tax Agency for an increase of the Group’s total VAT liability. Management has requested advisory assistance. The advisors have unanimously assessed that the claims are unfounded. On this basis, Management has contested the claims and will appeal the decisions to the court. Management does not expect the claims to result in significant net payments to the Danish Customs and Tax Agency.
At the request of the Danish Customs & Tax Agency, the Group has provided a bank guarantee for the claims in the event that the claims should go against Management's expectations.
In the financial year, the company has capitalized costs for the development of the company's IT applications of tDKK 2,353.
Profit/loss for the year in relation to expected developmentsProfit for the year is lower than expected due to revenue being lower than expected. Management considers
profit for the year less satisfactory. For explanations for the development we refer to the section “Development in
activities and finances”.
OutlookExpectations for the coming financial year is a 10-15% decrease in gross profit compared to the realized profit in
2022/23 due to difficult market conditions related to interest rate increase etc.
Use of financial instruments
The Company hedges currency risks on expected transactions in foreign currency with forward exchange
contracts. Forward exchange contracts relate to purchase of wine.
The RareWine Group’s policy is not to conduct active speculation in financial risks. To manage and monitor
potential risks, RareWine Group continuously assess the bank balance and requirements
and assesses the liquidity framework and the collection of funds. RareWine Group does not want to incur risk and
minimizes it by ongoing monitoring of the currency exposures.
The group follows a financial policy approved by the board of directors, which operates with a low risk profile, so
that currency risks only arise based on commercial conditions. The group's use of derivative financial instruments
is regulated by internal business processes, which determines currency exposure and hedging hereof.
Risk Management - Financial risks
The RareWine Group’s policy is not to conduct active speculation in financial risks. The Group’s financial control is thus solely directed towards managing already assumed liabilities.
To manage and monitor potential risks, RareWine Group continuously assesses the bank balance and requirements and assesses the liquidity framework and the collection of funds. RareWine Group does not want to incur risk and minimizes it by ongoing audits.
RareWine Group monitors the ongoing global situation in the wine market, known for stability and conservatism, to ensure continued competitiveness and a strong market position. Climate change, recession, rising interest rates, and accelerating inflation are issues that affect the global economy on a larger scale than the wine market, although price rises are still expected.
Other market risk
RareWine Group monitors the ongoing global situation in the wine market, known for stability and conservatism,
to ensure continued competitiveness and a strong market position. Climate change, recession, rising interest
rates, and accelerating inflation are issues that affect the global economy on a larger scale than the wine market,
although price rises are still expected.
The group has not been material affected by Covid-19 or the conflict in Ukraine.
Environmental performanceAs the Group does not have production or wastage of any kind, the Group’s impact on the external environment
is very limited. For further description see the section “Statutory report on corporate social responsibility”
.Foreign branchesThe Group has a branch in Sweden and subsidaries in Netherlands, Italy, Switzerland and United Kingdom.Statutory report on corporate social responsibilityAs mentioned earlier in the ‘Primary activities’ section, the core business of RareWine Group consists of the purchase and sale of wine and spirits and consultancy on investment in wine and spirits.
Corporate social responsibility is an integral part of RareWine Group’s business strategy. We remain committed to and focus on all aspects, including the environment, employee satisfaction, human rights, anti-corruption, anti-money laundering, and our societal role.
The company wants to act responsibly concerning customers, employees, business partners, and the outside world. We know that there may be several opportunities and risks relating to corporate social responsibility concerning our business.
We elaborate in the following on how we manage our corporate social responsibility and related risks in our business.
Environment and Climate
RareWine Group sells and distributes wine in most parts of the world. The primary risks to be addressed regarding the environmental impact are waste and CO2 emissions. RareWine Group has no production whatsoever.
The company strives to optimize logistics at all times to reduce the CO2 emission caused by the transportation of wine. Also, environmental impact and improvement initiatives are criteria when choosing third-party shipping companies.
Most waste from unwrapping and packing is reused or sorted before transportation to a recycling station. Our entire procedure for sorting waste was recently optimized in 2022/2023 to continue the initiatives started years before.
Most of the company’s energy systems, such as ventilation, cooling, and heating systems, were optimized in 2020/21 during the construction of new warehouse buildings. The new standards will be continued during our warehouse facility's daily upgrade and maintenance. In addition, LED lighting is used throughout the company's premises in Denmark and abroad. All forklifts are electrically powered. In the future, we will continue to improve our environmental footprint.
In optimizing workflows and processes, we have reduced long-distance temperature-controlled transport and streamlined our handling processes of wine and spirits. This is accomplished during 2022/23 by collaborating with a third-party storage provider in the United Kingdom.
Management believes that the company has achieved a satisfactory level of managing the environmental impact through these initiatives. All initiatives are continuously evaluated.
Corruption and bribery
We are aware of the risk that corruption and bribery may be more prevalent in some countries, and we are diligent in ensuring we avoid such risks in our business relationships.
The company has a zero-tolerance policy, meaning any suspected violations must be thoroughly investigated.
RareWine Group has an Employee Handbook that embodies the company's core values and our code of ethics, which also applies to anti-corruption and anti-money laundering. The company’s executives confirm compliance with the policies once a year. Management is unaware of any breach of the compliance rules during the financial year. We will continue our healthy practices in the future regarding this matter.
Human rights
Regarding human rights and employees, the primary risks RareWine Group addresses are related to discrimination and the risk of work-related accidents in the warehouse area. More on work-related accidents in the Employees section.
Regarding discrimination, the company's Employee Handbook requires the company’s employees to act with integrity and follow acceptable ethical standards for human rights. The Employee Handbook is available to all employees and has clear guidelines on interacting with your colleagues to secure a healthy working environment. The Employee Handbook also outlines the core values of the company and what behavior we expect from all employees.
In addition, we nurture the company culture once a month with scheduled happenings focusing on building relations across the organization. At least once a year, all employees participate in team-building activities to create a better understanding of work-related tasks and personal differences. We also offer individual courses with our HR team to ensure potential conflicts are solved and ethical standards are kept.
This standard is also expected from all business partners and suppliers. If a supplier violates the rules, RareWine Group will establish close cooperation to help the supplier improve business standards and employee well-being.
However, RareWine Group reserves the right to terminate contracts with a supplier immediately if the supplier should continue to violate the rules intentionally and is unwilling to discuss and agree on the implementation of a plan for improvement.
In 2022/23, we have not had any human rights breaches, and we will continue to focus on our human rights efforts in the future.
Employees
The Company's Employee Handbook sets out internal guidelines showing our employees how we want to interact as colleagues. The procedures include a set of clearly defined principles for how we want to work and interact with each other in our open-plan offices and the warehouse. All new employees will undergo an extensive online onboarding before their first day at work and follow a special onboarding schedule during their first weeks of employment to minimize risks.
The Employee Handbook is handed out to all new employees and reviewed as part of the onboarding process.
The Employee Handbook also contains policies for continuing training the company's employees, including relevant first aid and safety courses to create a safe work environment. This is supported by the company's workplace environment organization, which deals with potential health and safety issues within the company. All employees at RareWine Group can be appointed to the workplace environment organization.
The main risk identified is related to using trucks when transporting pallets in the warehouse. Also, the gates in the warehouse can be seen as a risk for the warehouse personnel.
Safety instructions can be found in various places in and around the warehouse, and all employees are aware of these to mitigate work-related accidents. All employees working in the warehouse are obligated to wear appropriate safety equipment.
Our warehouse contains a valuable collection of fine wine and may be seen as a target for intruders. Therefore, the warehouse is equipped with state-of-the-art security and sensors, including assault alarms etc.
Also, RareWine Group has recently (August 2022) established a staff association to ensure participation and influence across the organization. The staff association aims to maintain excellent work ethics and company culture at all facilities within the RareWine Group.
Management believes integrating new employees has proceeded well, and the organization's culture has helped maintain a good work environment in 2022/23. In 2023/2024, we will continue to promote a good work environment and review safety procedures to ensure we are always aligned.
Statutory report on the underrepresented genderRareWine Group wishes to ensure diversity in age and gender throughout all divisions. Thus, the company's overall goal is equal gender balance among all business units. We know we have an overrepresentation of men now, especially among our warehouse staff.
The company has set a goal that women will account for at least 40% of all employees in 2026.
This goal will be achieved in connection with recruiting new employees and by supporting the development of existing employees more broadly.
The search process for new candidates is organized so that suitable female candidates are included in the search to increase the percentage of the underrepresented gender continuously, including achieving the set target figure.
RareWine Group aims to ensure clear and transparent recruiting processes, including goals to increase the percentage of the underrepresented gender. The company's management works to create an unbiased culture where individual employees can make the most of their qualifications regardless of gender.
RareWine Group ensures equal access for men and women to management positions by offering equal opportunities to develop professional and personal skills. Women and men participate equally in courses and individual development programs.
Today, our Board of Directors consists of 3 male people. We aim for a 40/60% representation by the end of 2025/26. The target is relatively new, and there have been no changes to the Board of Directors. In other management positions, the gender representation is one female and five males in 2022/2023. We aim to reach 40/60% in the same period. This is also a relatively new target, yet there have been no changes to the management.
The HR Department assesses on an ongoing basis and at least once a year whether to update this policy.
Statutory report on data ethics policyRareWine Group has taken steps to ensure that data is used responsibly and sustainably within our business and supply chain. Even though there is no formal policy in place now, ethical considerations are designed in our data collection processes, and knowledge is shared across the organization according to the practice described below. This statement covers the use of all data types and is thus not limited to the use and protection of personal data.
In Marketing and Sales, volumes of data are generated daily, for example, through online forms on digital platforms. Also, in the warehouse, data is registered through CCTV monitoring systems. Data is inherent in arranging and documenting transport and storage for our clients. Data can be related to our clients, visitors to our platforms or facilities, our employees, and our operations' control and management systems, such as freight management systems that process and respond in real-time to data.
Further, we use artificial intelligence systems to analyze data and translate it into solutions that can assist us in optimizing our operations. RareWine Group's data will typically be regarding our employees, customers, business partners, or third parties, including general personal and behavioral data. Data is obtained either directly from the data subject or via a third-party.
To support the above initiatives, during 2022/23, we have established a new public whistleblower scheme that can be found online. Furthermore, we have launched a new process for uploading sensitive data, including identification documents of investment clients. The process is set in place to increase our security level when collecting data and to comply with AML and KYC policies.
RareWine Group strives to always have policies in place ensuring that data is only being used for the purpose for which it was obtained. To ensure accountability for data ethics on a sufficient Group level, decisions related to investments in new technologies and the use of data are anchored within Group Management. Data security is crucial in ensuring data privacy and data protection. RareWine Group has implemented technical safeguards and procedures to ensure proper data management and prevent unauthorized use or disclosure.
Third-party data policy
We perform due diligence on third parties who interact on behalf of RareWine Group, for example, a third-party providing custom handling services or an agent. The latter approach ensures that these third parties have a good reputation and handle data responsibly. When we use data from third parties, for example, processed through a transport management system, we expect third parties are in lawful possession of this data, not misuse data, and can legally give RareWine Group the right to use this data.
To ensure that suppliers ethically handle data, we request suppliers comply with our code of conduct for suppliers.
We do not resell data but provide data by applicable legislation, court, or authority decisions if legally required.
Employees' awareness about data ethics
RareWine Group Employee Handbook states that our employees are our greatest asset. Therefore, we have implemented a Group-wide online cyber awareness training program. The training program focuses on employee behavior to ensure high protection against common data and privacy threats such as phishing and data management.
RareWine Group monitors how many employees have completed the online training and expects employees to avoid data and privacy risks and to report to their managers.
RareWine Group will continue to improve our understanding of how data and artificial intelligence systems will impact the transport and logistics sector and will, in collaboration with its stakeholders, strive to ensure that best practices regarding data ethics are implemented. We will provide online training to our employees to ensure we are all informed on responsibly and sustainably handling data.
To increase transparency and clarify data use accountabilities between third parties, we will continue implementing a due diligence process and collaboration model with third parties handling and retaining data for RareWine Group.
Events after the balance sheet dateA subsidiary in the Group, which have been without activity for four years and is under solvent liquidation, has after the balance sheet date, been met with a claim from the Danish Customs and Tax Agency. The claim is disputed by the company. A process has been initiated to clarify whether the closure of the company must be carried out in accordance with the rules for solvent or insolvent companies. The closure of the company is not expected to have material effect for the group.
Besides the mentioned claims from the Danish Customs & Tax Agency, no events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.833678000945162000-2353000-375100048000360007266800008025690003171500034555000135000128500077684000111825000-135000-12850003461700031482000628200046640003678500075679000225000076900007680007175000592000039200071200031860000705280002285800055462000783800016596000-116000-229000240220005393200002394200002394200080000229740005569100023385000-4110000458100046430002802000408200073830008725000411900040800002140000247600062590006556000231800017080002318000170800013211800011767500015960000169890001321180001176750004261330002762580005342700083092000479560000359350000140400004393000025809000491000258060006000000588800003522000300000200033800013820008880007490400034950000866000260710003613000163900016390001905400051000100055807700039593900091700026072000574037000412928000133035000143747000500005000050000500001300014960001206320009636700011446500098894000028000000028000000120695000125913000-9400037100001206010001296230005000014960009636700028000000125913000500001300012063200001206950003710000129623000-9400012069500012694400050000098894000280000001269440005000061800001144650000056000056000047830004000000726800018286000228200017710009950000248400000112300010543600084978000302498000145476000155290001228200025000250000300012315000157770003200010700017922000813900020690006171000010010000130000443486000258409000123400001680300045343600028324900012340000168030005740370004129280001330350001437470000-28000000-280000000-280000000-28000000-2800000000-3884000-3884000032300003230000323000026000000260000-190100000-19010000-1901000-190100004180000041800004180004180000041800062820004664000-4913000-10589900038154000-255560002573000768000-7175000-5920000-8993000-296200024559000-33670000-3232000-6330000-1411000-9650000137000-610000-990000-4997000-5253000-1225400019306000-459240002045800086096000-5906000-44587000-31884000-13000000-17332000285090001974000-17415000361300016390001 Events after the balance sheet dateAfter the balance sheet date, the Group’s subsidiaries have been faced with significant claims from the Danish Customs & Tax Agency for an increase of the Group’s total VAT liability. Management has requested advisory assistance. The advisors have unanimously assessed that the claims are unfounded. On this basis, Management has contested the claims and will appeal the decisions to the court. Management does not expect the claims to result in significant net payments to the Danish Customs and Tax Agency.
At the request of the Danish Customs & Tax Agency, the Group has provided a bank guarantee for the claims in the event that the claims should go against Management's expectations.
A subsidiary in the Group, which have been without activity for four years and is under solvent liquidation, has after the balance sheet date, been met with a claim from the Danish Customs and Tax Agency. The claim is disputed by the company. A process has been initiated to clarify whether the closure of the company must be carried out in accordance with the rules for solvent or insolvent companies. The closure of the company is not expected to have material effect for the group.
1 Events after the balance sheet dateAfter the balance sheet date, the subsidiaries have been faced with significant claims from the Danish Customs & Tax Agency for an increase of the Group’s total VAT liability. Management has requested advisory assistance. The advisors have unanimously assessed that the claims are unfounded. On this basis, Management has contested the claims and will appeal the decisions to the court. Management does not expect the claims to result in significant net payments to the Danish Customs and Tax Agency.
At the request of the Danish Customs & Tax Agency, the Group has provided a bank guarantee for the claims in the event that the claims should go against Management's expectations.
A subsidiary in the Group, which have been without activity for four years and is under solvent liquidation, has after the balance sheet date, been met with a claim from the Danish Customs and Tax Agency. The claim is disputed by the company. A process has been initiated to clarify whether the closure of the company must be carried out in accordance with the rules for solvent or insolvent companies. The closure of the company is not expected to have material effect for the group.
2 Revenue2022/23
DKK'0002021/22
DKK'000Great Britain115,288171,799Denmark114,949144,222Hong Kong83,95782,635France90,90998,010Rest of Europe
226,088282,661Rest of Asia165,799119,061Other36,68846,774Total revenue by geographical market833,678945,162Wine685,726810,523Spirits142,948132,949Others5,0041,690Total revenue by activity 833,678945,1623 Fees to the auditor appointed by the Annual General Meeting2022/23
DKK'0002021/22
DKK'000Statutory audit services404461Other assurance engagements7530Other services1351856146764 Staff costs2022/23
DKK'0002021/22
DKK'000Wages and salaries31,92030,003Pension costs1,650685Other social security costs960789Other staff costs87534,61731,482Average number of full-time employees5857Remuneration of management
2022/23
DKK'000Remuneration
of management
2021/22
DKK'000Executive Board01,361Board of Directors0300Total amount for management categories1,91101,9111,661According to section 98B(3) no.2 of the Danish Financial Statement Act, remuneration to management has been disclosed together under one category in 2022/23, because it will lead to an individual’s remuneration disclosed.58570Remuneration of management
2022/23
DKK'000Remuneration
of management
2021/22
DKK'000Executive Board01,361Board of Directors0300Total amount for management categories1,91101,9111,661013610000300000191100005 Other financial income2022/23
DKK'0002021/22
DKK'000Financial income from group enterprises0765Other interest income440Exchange rate adjustments2,20642,2507692 Other financial income2022/23
DKK'0002021/22
DKK'000Financial income from group enterprises076807686 Other financial expenses2022/23
DKK'0002021/22
DKK'000Financial expenses from group enterprises05Other interest expenses6,2853,507Exchange rate adjustments8902,356Other financial expenses0527,1755,9202022/23
DKK'0002021/22
DKK'000Financial expenses from group enterprises05Other interest expenses6,2853,507Exchange rate adjustments8902,356Other financial expenses0527,1755,920<br />3 Other financial expenses2022/23
DKK'0002021/22
DKK'000Financial expenses from group enterprises359712Other interest expenses330392712<br />2022/23
DKK'0002021/22
DKK'000Financial expenses from group enterprises359712Other interest expenses3303927127 Proposed distribution of profit/loss2022/23
DKK'0002021/22
DKK'000Ordinary dividend for the financial year028,000Retained earnings23,94226,643Minority interests' share of profit/loss80(711)24,02253,9324 Proposed distribution of profit and loss2022/23
DKK'0002021/22
DKK'000Ordinary dividend for the financial year028,000Retained earnings22,97427,69122,97455,6912394200026643000229740002769100080000-7110008 Intangible assetsCompleted development projects
DKK'000Acquired intangible assets
DKK'000Cost beginning of year7,3377,368Additions2,353879Cost end of year9,6908,247Amortisation and impairment losses beginning of year(2,694)(3,286)Amortisation for the year(2,415)(2,159)Amortisation and impairment losses end of year(5,109)(5,445)Carrying amount end of year4,5812,802Completed development projects
DKK'000Acquired intangible assets
DKK'000Cost beginning of year7,3377,368Additions2,353879Cost end of year9,6908,247Amortisation and impairment losses beginning of year(2,694)(3,286)Amortisation for the year(2,415)(2,159)Amortisation and impairment losses end of year(5,109)(5,445)Carrying amount end of year4,5812,8029 Development projectsCompleted development projects compromises development of IT applications in the Group. As of 30 June 2023 the carrying amount of completed development projects amounts to tDKK 4,581. The amortisation period for completed development projects is set to 3 years.
Management has not identified any indication of impairment regarding the carrying amount of completed
development projects.
Acquired intangible assets comprises cost from development of new ERP-system. A significant part of cost from
development of new ERP-system is internal cost in the form of direct wages in the development department. The amortisation period for qauired intangible assets is set to 3 years. 10 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Cost beginning of year4,7633,425Additions876535Cost end of year5,6393,960Depreciation and impairment losses beginning of year(683)(949)Depreciation for the year(837)(871)Depreciation and impairment losses end of year(1,520)(1,820)Carrying amount end of year4,1192,14011 Financial assetsDeposits
DKK'000Cost beginning of year1,708Additions610Cost end of year2,318Carrying amount end of year2,3185 Financial assetsInvestments in group enterprises
DKK'000Cost beginning of year125,863Additions75Cost end of year125,938Revaluations beginning of year(8,188)Exchange rate adjustments260Adjustments on equity(1,483)Share of profit/loss for the year24,436Dividend(7,794)Reversal of revaluations(1,051)Revaluations end of year6,180Carrying amount end of year132,118A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.12 Receivables from group enterprisesReceivables from group enterprises compromises receivables from the ultimate parent company.13 Deferred tax2022/23
DKK'0002021/22
DKK'000Intangible assets(754)(1,059)Property, plant and equipment(373)(427)Inventories1,7301,430Tax losses carried forward(3)0Deferred tax600(56)
Changes during the year2022/23
DKK'0002021/22
DKK'000Beginning of year(56)(986)Recognised in the income statement656930End of year600(56)Deferred tax has been recognised in the balance sheet as follows2022/23
DKK'0002021/22
DKK'000
Deferred tax assets6000
Deferred tax liabilities0(56)600(56)Deferred tax assetsDeferred tax assets relates to property, plant and equitment14 PrepaymentsPrepayments compromises prepaid expenses such as software licens, lease payments, insurance and other
prepaid expenses.15 Non-current liabilities other than provisionsDue within 12
months
2021/22
DKK'000Due after
more than 12
months
2022/23
DKK'000Outstanding
after 5 years
2022/23
DKK'000Debt to other credit institutions1,12300Tax payable04000Joint taxation contribution payable07,2680Other payables02,2821,7711,1239,9501,77116 Deferred incomeDeferred income comprises income relating to subsequent financial years. Deferred income is measured at cost.17 Changes in working capital2022/23
DKK'0002021/22
DKK'000Increase/decrease in inventories(120,210)(196,807)Increase/decrease in receivables(41,173)6,111Increase/decrease in trade payables etc.156,47084,797(4,913)(105,899)18 Derivative financial instruments
The Company hedges currency risks on expected transactions in EUR, USD, GB and CHF with forward
exchange contracts. Forward exchange contracts relates to purchase of wine. Value adjustments are recognized in the equity and are expected to be carried out and recognized in the income statement after the balance sheet
day. The duration on the forward exchange contracts is 1-2 months.
The fair value has not been calculated on the basis of observations in an active market. For the valuation of the
fair value as of the balance sheet date, the statement of the bank has been used due to the company's credit
rating and collte. 19
Fair value informationFinancial instruments
DKK'000Fair value end of year 13Unrealised fair value
adjustments recognised in
the fair value reserve in
equity1,90120 Unrecognised rental and lease commitments2022/23
DKK'0002021/22
DKK'000Total liabilities under rental or lease agreements until maturity 36,97924,79721 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint taxation
arrangement in which R. N. Holding ApS, CVR-nr. 29 77 98 72, serves as the administration company.
According to the joint taxation provisions of
the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore liable for
income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly
taxed entities. The jointly taxed entities' total known net liability
under the joint taxation arrangement is
disclosed in the administration company's financial statements.7 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement in which R. N. Holding ApS, CVR-nr. 29 77 98 72 serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly
taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed in the administration company's financial statements.22 Assets charged and collateralAs security for bank debt, the Group has provided a floating charge of tDKK 136,000 including, but non-exhaustive, trade receivables, operating funds and inventories.
8 Assets charged and collateralThe company liable for bankdebt for the group. The Entity is therefore liable for relating to the withholding of bankdebt in the group. The jointly bankdebt' total known bankdebt is 105 mio. DKK.
23 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.10 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.24
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
R. N. Holding ApS, Aalborg, CVR-nr. 29 77 98 72, 9000 Aalborg.25 SubsidiariesRegistered inCorporate
formOwnership
%RareWine ApSAalborgApS100.00RareWine Invest ApSAalborgApS100.00RareWine Trading ApSAalborgApS100.00Nordic Freeport ApSVodskovApS100.00Rare Wine A/S (Under frivillig likvidation)VodskovA/S100.00RareWine Management ApS (Under frivillig likvidation)AalborgApS100.00RareWine Netherlands B.V.AmsterdamB.V.100.00RareWine Italy S.R.L.MilanoS.r.l100.00RareWine Switzerland SAZurichSA100.00RareWine UK Ltd.LondonApS100.00HJW Invest ApS (Under frivillig likvidation)AalborgApS52.63233850005669100013211800011767500034500026500061800000-779400077940000-818800081880000In 2019/2020, the Company realised an intra-group gain on sale of investments. According to the provisions of the Danish Companies Act, the amount cannot serve as basis for distribution of dividends. The limitation amounts to mDKK 48.9 Related parties with controlling interestR. N. Holding ApS, CVR-nr. 29 77 98 72, 9000 Aalborg, owns the majority of the shares in the Entity, thus exercising control.
Rasmus Nielsen owns the majority of the shares in R. N. Holding ApS, thus
exercising control.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income
statement up to the time of their divestment or winding-up.
The book-value method is applied on acquisition of enterprises, mergers, demergers, contributions of assets
and exchanges of shares, etc where the enterprises concerned are controlled by the Parent, under
which method the combination is considered completed at the date of acquisition without restatement of
comparative figures. Under the book-value method, the acquiree’s assets and liabilities are recognised at
their carrying amounts, adjusted for any differences in accounting policies and accounting estimates. The
difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
Inventories and
other non-monetary assets that have been purchased in foreign currencies are translated using historical
rates.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated
using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the
exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the
income statement are translated at the average rates of the months; however, items
deriving from non-monetary
assets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and
subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. Derivative financial instruments are recognised in other receivables or other payables.
Changes in the fair value of derivative financial instruments classified as and complying with the
requirements
for hedging future transactions are recognised directly in the reserve for fair value adjustments of hedging instruments in equity. When the hedged transactions
are realised, the accumulated changes are recognised as part of cost of the relevant financial statement
items.
RevenueRevenue from the sale of goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Income from the storage of investor wines is measured at the fair value of the remuneration received or receivable. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in
cost for proprietary intangible assets.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises and other Danish consolidated companies. The current Danish income tax is allocated among the jointly taxed companies proportionally to their taxable income (full allocation with a refund concerning tax losses).Intellectual property rights etc.Intellectual property rights etc comprise development projects completed, acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity under reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 3 years. Intellectual property rights acquired are measured at cost less accumulated amortisation.
Intellectual property rights acquired are amortised on a straight-line to 1-3 years.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated
depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements3-5 yearsEstimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
reserve
for net revaluation according to the equity method in equity.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.<br />Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
2024-01-11Tom Deichmann